Extend M1 Macbook Pro screen to 2014 27 inch iMac

Is it possible to extend the screen from an M1 Macbook Pro to a 2014 27 inch iMac using a Thunderbolt 3 cable? (I'm not sure about the iMac's model but it only has Thunderbolt 3 ports - USB-C)

I've tried it with the share screen option, but with no luck and I've heard that the latency is really bad.